Announced in 2019, Facebook-backed stablecoin, which went through numerous changes – Diem – could see the light of day by the end of 2021.
Following numerous delays, internal changes, and rebranding, Facebook’s cryptocurrency project could be launched by the end of the year, CNBC reported. It will start small with a single stablecoin focusing on transactions between individual customers.
Citing a person familiar with the matter, CNBC reported earlier today that The Diem Association plans to launch its long-anticipated stablecoin by the end of 2021.
Upon releasing the product, the Switzerland-based company will focus on transactions for individual customers, including potentially purchasing goods.
Nevertheless, the report asserted that there’s no official launch date yet.
Previously, Diem’s Chief Economist, Christian Catalini, noted that the project was actively negotiating with regulators for a “phased approach” before the official launch. Catalini added that once they “see the green light, we will start experimenting with a small number of users and a small number of players.”
Announced as Libra in 2019, the Facebook-backed stablecoin faced extreme scrutiny from watchdogs for its initial idea to serve as a “single global digital currency.”
The tension escalated as numerous partners withdrew from the project. Some of those names included early supporters like MasterCard, Visa, Spotify, Uber, PayPal, and more.
To cope or distance itself from the setbacks, the entire project received a complete makeover. Apart from changing the stablecoin name from Libra to Diem (meaning ‘day’ in Latin), the previously called Calibra wallet became Novi.
Additionally, some reports claimed that the Novi team planned to build a wallet to hold numerous coins.